Economics 4 marker

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rosiee2287
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#1
Report Thread starter 1 year ago
#1
the question is What does the evidence in the second paragraph the extract one suggest about the price elasticity of demand for Australian coal? explain your answer.

Paragraph 2 is: despite the higher price of coal and reduced output the revenues of the big Australian coal producers have remained the same.

I have only wrote about how it is perfectly inelastic.

I was wondering what else is suppose to be written for a 4 mark economics answer to get full marks.
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isthistaken
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#2
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#2
I'd define price elasticity and maybe put the formula in. Maybe explain perfect elasticity, perfect inelasticity and unitary elasticity, before saying that coal is perfectly inelastic. Also, draw a graph showing perfect inelasticity.
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username5618834
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#3
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#3
What exam board is this?
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